17th August 2021
Prudential AVC Service Delivery Issues
Prudential are still implementing a recovery plan to address the system-related issues which they have been experiencing
We are engaging with them at a high level, and the matter has been reported to both the Pensions Regulator and the FCA.
Prudential have written to clients across the UK who are affected by their processing delays.
They currently indicated that it may take some time to resolve these issues.
Meantime, we are focussing on managing and minimising the impact on our members and employers.
If you currently pay into an Additional Voluntary Contributions (AVC) plan with Prudential or have done so in the past, please be aware they are currently experiencing delays in the processing of contributions and paying out claims.
Prudential are working hard to resolve the delays and apologise for the inconvenience caused.
How does this affect my contributions?
Prudential have confirmed that any delay in the processing of contributions will not affect your money. Contributions will be backdated to the original date that they were received by them.
The delays may mean that you won’t be able to see an up to date figure when you log in to your Prudential online account. This will be resolved when your contributions are processed.
Your contributions have not been lost and will be processed as quickly as possible by Prudential.
How does this affect making a claim?
Prudential have had delays in issuing claims but have provided reassurance claims will be paid and there is no problem with their ability to pay. However, the delays do mean that you may have to wait longer for your retirement or transfer claim to be completed. Prudential expect this to be resolved soon